Moody’s hikes Foley Products

Moody's Investors Service said it upgraded Foley Products Co., LLC's corporate family rating to B1 from B2, probability of default rating to B1-PD from B2-PD and the rating on the senior secured first-lien bank credit facility to B1 from B2.

The upgrade reflects Foley's strong profitability, which is expected to maintain robust with continued infrastructure demand and growth in residential end markets. Foley's profitability, in addition to some debt reduction, has supported a decline in leverage to below 2x for the last 12 months ending Sept. 30, 2023. Solid cash flow generation and execution of regional expansion plans further support the upgrade,” the agency said in a press release. The outlook is maintained at stable.

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